PSSNY Member Tom D'Angelo, who owns a pharmacy on Long Island, claims he has lost "hundreds of thousands of dollars" over the past couple of years because of tough tactics from Caremark, CVS's pharmacy-benefits manager, or PBM.D'Angelo claims Caremark, which is a prescription middleman that dictates its reimbursement pricing, has subjected him to wild, unpredictable fluctuations in reimbursement rates for prescription drugs."It's like dealing with the mob," D'Angelo told The Post, declining to give his pharmacy's name for fear of retaliation. "I can leave my business and return the next day to learn that I'm being paid 70 percent less for the same drug I sold just 24 hours ago."
Another pharmacist in upstate New York told The Post his business is losing on average $4 per prescription, which amounts to a $300,000 annual loss.
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PSSNY's Recent Actions in the Fight Against CVS-Aetna Merger
Last week PSSNY leadership testified at NYS DFS hearing on CVS/Aetna Merger.PSSNY outlined its serious concerns by pointing out the impact to patients through limited networks, limited formularies, the Medical Loss Ratio and the reimbursement environment pharmacies are enduring.
See testimony here.
DFS Superintendent Maria Vullo asked CVS lawyer Elizabeth Ferguson in a booming voice: "Will you vocally support the [PBM regulation] bill?""We would not oppose it," Ferguson said, not going any further.
Comments on the merger can be sent to to DFS until October 25.Pharmacists should tell their personal stories and experiences by emailing their comments to
public-hearings@dfs.ny.gov with subject "CVS/AETNA MERGER."
Check out more PSSNY generated media coverage on the hearing:
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